TCS plans to refurbish Merrion Centre

The Leeds-based company also revealed that it had achieved “excellent letting progress” on a scheme in Manchester.

In an interim management statement for the period from January 1 2011 to May 16 2011, Town Centre Securities said it had continued to focus on the management of its existing portfolio of investment properties and car parks.

The statement added: “Our performance overall remains consistent with that reported at the time of our half year results and is in line with our expectations for the year as a whole.

“Our principal success during the period has been the lettings at Urban Exchange in Manchester. Marks & Spencer have entered into an agreement to lease 19,000 sq ft for an outlet store and Pure Gym, a 24 hour gym operator, have entered into an agreement to lease 19,000 sq ft on the lower ground floor. We anticipate that both tenants will be trading by September. Following the opening of Go Outdoors in April, we now have only one unit, (7,000 sq ft) unoccupied and we hope it will be let before the end of the calendar year.”

The company said its void level stands at 2.97 per cent, the lowest level in its recent history.

The statement added: “Inevitably the future void level will be dependent upon lease renewals being successfully completed during 2011/12 and unforeseen voids due to tenant failures and administrations.”

The company said it was continuing to progress its plans for the ongoing refurbishment of the Merrion Centre in Leeds.

It said: “We have recently entered into a number of agreements which will enable us to refurbish the remainder of the Merrion Street elevation of the centre and add KFC and Coral to our tenant line up.

“Responding to the commencement in February 2011 of the construction of the Leeds Arena, a 13,500 capacity concert and events venue located immediately adjacent to the Merrion Centre, we are advancing our plans for the refurbishment of the multi-storey car park and the creation of additional retail and leisure units at ground floor level.”

Edward Ziff, the company’s chairman, said: “Town Centre Securities has continued to perform strongly since the half year end.”